Upon completion of the arrangement, Liberty Gold shareholders will have equity in both Liberty Gold and Specialty American.
The spin-out will proceed through a formal arrangement between Liberty Gold and Specialty American Metals, subject to approvals from shareholders, regulators, and courts. Under the plan, Liberty Gold shareholders will receive shares in Specialty American Metals, with the exact distribution ratio to be determined later. This structure ensures that shareholders hold equity in both companies once the process is complete. Liberty Gold will also retain a stake in Specialty American Metals, reflecting its prior investments in the Goldstrike Project.
Leadership transitions accompany the restructuring. Liberty Gold’s CEO and director, Cal Everett, and director Greg Etter will join the board of Specialty American Metals, alongside independent candidates to be appointed. Everett stated: “The spin-out of the Antimony Ridge discovery from Liberty Gold into Specialty American Metals will provide a new vehicle for shareholders that will be dedicated to unlocking the value potential of Antimony Ridge and is well positioned to pursue further growth transactions in the specialty metals space in the US.” Russell Starr will serve as CEO of Specialty American Metals, with Peter Shabestari, Liberty Gold’s vice-president of exploration, taking the role of president, and Joanna Bailey continuing as CFO.
The separation enables both companies to pursue distinct objectives. Liberty Gold will advance its Black Pine project, which achieved significant permitting progress in November 2024. Meanwhile, Specialty American Metals will focus on developing the Antimony Ridge discovery and exploring additional opportunities in the U.S. specialty metals sector. The arrangement is designed to enhance operational clarity and create value for shareholders by aligning each company’s goals with its respective assets.
